Osage Exploration and Development Acquires Cimarrona
Posted on: Tuesday, 15 April 2008, 06:00 CDT
Osage Exploration and Development, an oil and gas exploration and production company, has acquired 100% of Cimarrona, which owns a 9.4% interest in the producing Guaduas oil field in Colombia.
The Guaduas field is made up of the Dindal and Rio Seco blocks in the middle Magdalena valley. The acquisition also includes 9.4% of a pipeline that can transport up to 20,000 barrels per day. The remaining 90.6% interest in both assets is held by Pacific Rubiales Energy.
Greg Franklin, vice president of exploration at Osage Exploration and Development, said: "Osage has now established long-term reserves and production in Colombia and will participate in the pipeline revenues as well. With this acquisition and our drilling commitments, we are solidly on schedule to achieve the substantial growth in reserves and cash flow in 2008 that we are seeking."
Source: Datamonitor
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